Is Business Analytics in Demand?
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Are you interested in data analysis, statistical models and other quantitative methods to solve business problems? If so, you should consider studying business analytics. Companies of all sizes are increasingly recognizing the value of business analytics.
Is business analytics in demand? Over the past few years, the demand for business analysts has grown, with a predicted job growth of 14% in the next decade, which is double as fast as the average for all roles.
You should consider pursuing business analytics if you have the following skills:
- Technical skills
- Strong listening and communication skills
- Superior writing and documentation capabilities
Telfer offers a complementary option in Business Analytics, which can be combined with any BCom option and is designed to help you develop the skills you need to become an expert in transforming data into evidence-based action.
Here’s what you need to know if you’re on the fence about pursuing business analytics:
Improve Your Decision-Making Skills:
Business Analytics uses data to drive decision-making and develop strategies. To back up the question of "is business analytics in demand", The Global State of Enterprise Analytics (pdf) report by business intelligence company MicroStrategy, indicated that 56 percent of respondents said data analytics led to “faster, more effective decision-making” at their companies.
If you’re studying business, decision-making is crucial. Good decision making can lead to the success of a business. Some other benefits of good decision-making include:
- Saving time and money
- Making the most of your resources
- Increasing productivity and opportunities
- Setting achievable objectives
Telfer offers four business analytics courses as part of their complimentary option. These courses include: Business Simulation Analytics, Business Forecasting Analytics, Business Optimization Analytics, and Application of Business Analytics.
These courses give you a glimpse of real-life decisions in various contexts. Students get hands-on experience with simulation and decision modeling and formulation, software and results interpretation skills.
Decision-making skills are not only important for your career, but also all other aspects of life where various options are laid out to you. Having good decision making can help you weight your pros and cons to focus on making the right decision.
Set Yourself Apart from the Competition:
If you’re struggling to figure out how you can set yourself apart from your competition, you should consider studying business analytics. Companies are looking for graduates who are able to use data to solve complex problems, inform business strategy and communicate with stakeholders at any level.
Studying business analytics can help you develop an ideal combination of business and technical skills highly demanded by prospective employers. As a marketing student, I wanted to find a way to set myself apart from others in my program.
Business analytics is in demand, and can easily be integrated into any major, even if it seems like a weird combination. Some people might think that marketing and business analytics are not connected but having an analytical skillset as a marketer is what will set you apart from your competition.
The importance of business analytics in marketing is growing. A recent study found that 44% of B2C marketers use big data and analytics to improve responsiveness to 36%. For marketing professionals, this creates more opportunities for growth, highly targeted campaigns and more.
Level up Your Career:
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So, is business analytics in demand? The answer is yes, and its high demand for can open many doors for your future career. Companies truly value candidates that have analytical skills that they can contribute to the company. Some examples of jobs in business analytics include the following:
- Business analyst
- Data analyst
- Marketing analyst
- Operations research analyst
- Financial analyst
If you want to pursue a career in management,
business analytics is a helpful tool in gathering insights for decision making.
By studying business analytics, you can take your career to the next level and
impress recruiters.
Consider looking into Telfer’s program options and minors to see which courses are best fit to enhance your skills in business analytics. There are also various online business analytics courses that will help you understand the fundamentals. Feel free to reach out to me on my contact page or through LinkedIn if you have any questions about my experience in business analytics as a marketing major.